By 2026, Specialty Food Ingredients to touch the $67.76 Billion market size mark

As per a new study done by Polaris Market Research, the global specialty food ingredients market is expected to reach USD 67.76 billion by the year 2026. The sector of Speciality food ingredient has defeated other major sectors of the food and beverage industry. This can be attributed to the switching of dynamics within the food and beverage industry including the evolving consumer demands for more organic, natural and highly health-giving processed food stuffs.

Many studies have revealed that the connections between the Speciality food ingredients and processed food industry are advancing because of the elevated levels of collective creativity and product developments to satisfy hard and fast norms and new consumer trends. Majority of the share of the value chain has been ruled by a relatively smaller number of ingredient suppliers, thus generating valuation and margin chances worldwide.

These products also top up to higher sustainability during food processing, besides providing their conventional functions for the food stuff. The constituents assist in augmenting the efficacy of food processing by restricting the quantity of raw material needed and using them optimally. Furthermore, with their nutritional, technological and health related utilities these products are also beneficial for taste enhancement, elevated food safety, more food choices and reasonability.

These aspects have been vital to consider the Speciality food ingredients an inseparable part of the food supply and hence demand of these micro and macro constituents of food is likely to rise considerably in coming years. Also, being an avant-garde driven, the specialty ingredients segment is a major contributor in amplifying the competitiveness of the total value chain.

Pivotal observations from the study point that the Asia pacific region had the largest share of the market in 2017. The region has been a markedly noteworthy market distributing these products to the other areas. China is one of the biggest industries in the Asia Pacific and also throughout the world with presence of an exhaustively varied ingredient manufacturing segment with more than hundreds of multinational and national companies presently functional in the country.

Some of the critical factors for the intensified growth of the regional industry are- the rising spending power, prospering economies, presence of youthful citizens, increasing westernization of FMCG market, inflating urbanization and an elevating interest in health and wellness among the consumers. North America is another prominent market, which houses majority of the foremost multinational ingredient producers. The U.S. is the biggest manufacturer of these products in the region with more than 85% of the companies nestled in the country.

Archer Daniels Midland (ADM), ABS Food, BASF, Cargill Inc., CHR. Hansen Holding A/S, DuPont, General Mills, Givaudan, Ingredion, Kerry Group, Royal DSM N.V., and Tate & Lyle are some of the global producers in this sector.